Section 20: Establishment of funds

(1) A corporation shall establish and maintain a general fund¬
(a) to defray the cost of the exercise of its powers and the performance of its duties under the deed of mutual covenant (if any) and this Ordinance; and
(b) to pay Government rent, premiums, taxes or other outgoings (including any outgoings in relation to any maintenance or repair work) which are payable in respect of the building as a whole. (Amended 27 of 1993 s. 19; 29 of 1998 s. 105)
(2) A corporation may establish and maintain a contingency fund¬
(a) to provide for any expenditure of an unexpected or urgent nature; and
(b) to meet any payments of the kind specified in sub-section (1) if the fund established thereby is insufficient to meet them.
(3) A corporation shall open and maintain an interest-bearing account and shall use that account exclusively in respect of the management of the building. (Added 27 of 1993 s. 19. Amended 5 of 2007 s. 15)
(4) Subject to subsections (5) and (6), a corporation shall without delay pay all money received by the corporation in respect of the management of the building into the account opened and maintained under subsection (3). (Added 27 of 1993 s. 19. Amended 5 of 2007 s. 15)
(5) Subject to subsection (6), the treasurer of a management committee may, out of money received by the corporation in respect of the management of the building, retain or pay into a current account a reasonable amount to cover expenditure of a minor nature, but that amount shall not exceed such figure as is determined from time to time by a resolution of the management committee. (Added 27 of 1993 s. 19)
(6) The retention of a reasonable amount of money under subsection (5) or the payment of that amount into a current account in accordance with that subsection and any other arrangement for dealing with money received by a corporation shall be subject to such conditions as may be approved by a resolution of the management committee. (Added 27 of 1993 s. 19)
(7) Any reference in this section to an account is a reference to an account opened¬
(a) with a bank within the meaning of section 2 of the Banking Ordinance (Cap 155); and
(b) in the name of the corporation. (Replaced 49 of 1995 s. 53)

文章分類 Part IV PROVISIONS RELATING TO CORPORATIONS 標籤: ,

發表迴響

eOwner Google Search

自訂搜尋

用戶登入